NEW ORLEANS, June 13, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until August 12, 2014 to file lead plaintiff applications in a securities class action lawsuit against Ocean Power Technologies, Inc. (Nasdaq:OPTT), if they purchased the Company's securities during the period between January 14, 2014 and June 9, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the District of New Jersey.
What You May Do
If you purchased shares of Ocean Power and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by August 12, 2014.
About the Lawsuit
Ocean Power and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
On June 10, 2014, Ocean Power disclosed that Charles F. Dunleavy was terminated as the Chief Executive Officer of Ocean Power on June 9, 2014 and that the board of directors appointed a Special Committee, composed of outside directors and the interim Chief Executive Officer, which will retain outside counsel to assist in an investigation into the agreement between Victorian Wave Partners and the Australian Renewable Energy Agency, and related public statements concerning the project.
On this news, the price of Ocean Power shares plummeted by 34%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.